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The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country [Hardcover]

Peter Schiff
3.9 out of 5 stars  See all reviews (16 customer reviews)
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Book Description

May 22 2012

For over 30% new material including many startling developments that have occurred in the past few years, check out The Real Crash Fully Revised and Updated Edition, on sale now.

You might be thinking everything’s okay: the stock market is on the rise, jobs are growing, the worst of it is over.

You’d be wrong.

In The Real Crash, New York Times bestselling author Peter D. Schiff argues that America is enjoying a government-inflated bubble, one that reality will explode . . . with disastrous consequences for the economy and for each of us. Schiff demonstrates how the infusion of billions of dollars of stimulus money has only dug a deeper hole: the United States government simply spends too much and does not collect enough money to pay its debts, and in the end, Americans from all walks of life will face a crushing consequence.

We’re in hock to China, we can’t afford the homes we own, and the entire premise of our currency---backed by the full faith and credit of the United States---is false. Our system is broken, Schiff says, and there are only two paths forward.  The one we’re on now leads to a currency and sovereign debt crisis that will utterly destroy our economy and impoverish the vast majority of our citizens.  

However, if we change course, the road ahead will be a bit rockier at first, but the final destination will be far more appealing.  If we want to avoid complete collapse, we must drastically reduce government spending---eliminate entire agencies, end costly foreign military escapades and focus only on national defense---and stop student loan or mortgage interest deductions, as well as drug wars and bank-and-business bailouts. We must also do what no politician or pundit has proposed: America should declare bankruptcy, restructure its debts, and reform our system from the ground up.

Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don’t. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.

 

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Review

"Peter Schiff sounded the alarm about the housing bubble created by the Federal Reserve and predicted the bubble's inevitable collapse, yet he was ignored by mainstream economists and ridiculed by the media.  In The Real Crash he is at it again, illustrating how the financial crisis of 2008 is nothing compared to what is coming down the road. Peter Schiff is right again. I hope more people listen this time." – Ron Paul; Congressman (TX-14) and three time Presidential Candidate

 

"Peter Schiff's new book "The Real Crash; America's Coming Bankruptcy" is written in the same blunt and punchy style that makes him a favorite guest on my Fox News show.  It's not just what he says, but the fact that he lives what he says. Unlike Some authors who talk about business as spectators, Peter doesn't speak from the ivory tower of academia or from the comfort of an anchor chair. He runs a real business and fights every day to make it a success in spite of all the government's tax and regulatory policies."-- Mike Huckabee; Host of The Huckabee Show and former Arkansas Governor and Presidential Candidate

 

"America's political leaders should have taken Peter's 2007 book, Crash Proof, to heart before they tried to borrow, print and bail us out of trouble.  Today, they -- along with all Americans -- absolutely must take heed of The Real Crash. Peter Schiff understands the marketplace, and he understands the consequences that occur when government attempts to manage that marketplace.  Pay attention, America!”-- Gary Johnson, Former governor of New Mexico and presidential candidate

 

“In ‘The Real Crash,’ the fearless Peter Schiff has written the most compelling argument against central economic planning and debt-financed consumption to come along since our present woes were exacerbated in 2008. His explanations of how unfettered free choices will produce prosperity, and how ending the Federal Reserve, abolishing the IRS, and returning to the gold standard will tame the federal beast are among the most forceful and cogent I have seen. He even explains how anyone can prosper from government stupidity in these perilous times. And he does all this in a breezy and readable format.”-- Judge Andrew P. Napolitano, Senior Judicial Analyst, Fox News

 

“Peter Schiff is an original thinker, a man of startling insight and honesty, in many ways, a genius. I have learned that you disagree with him at your peril. He is one of the few men of finance of whom I wish I could say I had paid more attention to. Live and learn. Read and learn.”-- Ben Stein; author, actor, political and economic commentator

 

"Peter Schiff says the Fed's bubble machine is destroying the American economy and he is right. Zero interest rates and QE are crushing savers, rewarding speculators and enabling the Washington politicians to issue endless debt.  Every concerned citizen should read this."-- David Stockman; Former OMB director under President Ronald Reagan

 

“Peter Schiff has been painfully right about the downward spiral of the U.S. economy over the last four years. Easy money, rising tax rates, and unbridled debt are a prescription for economic disaster. Let's hope Barack Obama reads this.”-- Stephen Moore, Economist and Fox News commentator

 

“While many of us have justifiably focused on how high taxes are economically corrosive, Peter Schiff does a great job of explaining why government spending and debt are even worse.   As we continue grappling with the monster of a runaway federal government, this book is one of the best assets conservatives can turn to in making the case for fiscal responsibility and capitalism.” --  Grover Glenn Norquist; President of Americans for Tax Reform

“Peter Schiff was one of the few pundits who predicted correctly the 2008 economic and financial collapse.  Now, he makes a compelling case in a highly readable book that the day will come when the world stops trusting the dollar and the ability of the US government to pay its debts. I agree with him that “Then we’ll get the real crash.”-- Marc Faber; Editor, The Gloom Boom & Doom Report

 

“You need to know his case whether he is right or not if you are going to be prepared for this decade.”-- Jim Rogers; Investor and Bestselling Author of “A Gift to My Children” and “Investment Biker”

About the Author

PETER D. SCHIFF is an American investment broker, author, and financial commentator, and was a candidate in the 2010 Republican primary for the United States Senate seat from Connecticut. He frequently appears as a guest on CNBC and Fox News, and is the host of the radio show and podcast The Peter Schiff Show.He is the author of the New York Times bestselling Crash Proof and Crash Proof 2.0, as well as The Little Book of Bull Moves in Bear Markets, which was also a Business Week bestseller.

 

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Customer Reviews

Most helpful customer reviews
2 of 2 people found the following review helpful
5.0 out of 5 stars A Brief Summary and Review June 25 2012
By A. D. Thibeault TOP 100 REVIEWER
Format:Hardcover
*A full summary of this book is available here: An Executive Summary of Peter Schiff's 'The Real Crash: America's Coming Bankruptcy-How to Save Yourself and Your Country'

The main argument: Since the housing and financial crash of 2008, America's recovery has been tepid at best. Unemployment has remained high; manufacturing has not returned; personal savings are as low as they've ever been, and personal debt as high; housing is still a mess, and banking not much better; and, to top it all off, government debt is awe-inspiring and seems completely insoluble. According to financial investor, commentator and author Peter Schiff, while all of this is certainly disheartening, it should not come as much of a surprise. Indeed, Schiff argues that all of this economic slumping is a natural result of America's misguided economic policies; including especially the Federal Reserve's manipulation of interest rates, the government's uncontrollable borrowing, and, in connection with this, the maintaining (and even expansion) of unsustainable social programs . For Schiff, these same policies led directly to the crash of '08 (which he correctly and very famously predicted), and are leading the U.S. directly into an even worse crash now. In his new book `The Real Crash: America's Coming Bankruptcy--how to Save Yourself and Your Country' Schiff outlines how America got itself into this mess in the first place, what the end game is likely to be, and what the nation and its citizens should do to make the coming unpleasantness the least unpleasant as possible.

The main problem--and where most of the other problems begin--according to Schiff, is the Fed's manipulation of interest rates.
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1 of 1 people found the following review helpful
4.0 out of 5 stars Far thinking Sept. 24 2012
By Dti
Format:Hardcover|Verified Purchase
If you are interested in some refreshing, thought-provoking ideas on how to possibly fix our economic woes, this book has some great content. Some of the extremely hard calls that should be made by the government are presented with some thoughtful insight from a business man's perspective. There are ideas in this book that perhaps would work as solutions, like ending income tax and social security, but any politician that was elected and tried to implement any of these thoughts would find themselves on the road to political martyrdom! Even if they wanted to change the economic outlook for the good of everyone, the looters would never permit such a person to get in office. If by some miracle they got in office, the uphill battles that they would face would be almost insurmountable. It would probably take a disastrous event such as a war or economic collapse for people to have the fortitude to even try cutting costs in the way suggested by Peter Schiff. So, he adds some practical ways to survive, which if followed in time, could lead to not just survival, but the benefiting of the hearer.
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7 of 9 people found the following review helpful
3.0 out of 5 stars A little evidence please, Peter July 29 2012
Format:Hardcover|Verified Purchase
Peter Schiff's daily podcast on schiffradio.com presents a strident and insightful criticism of the U.S. government's fiscal and monetary policies. To listen regularly is to learn a lot about the nature of money, productivity, and the fundamental problems of fiat currency and burgeoning government debt. The inability of governments around the world to control spending or debt would imply an impending disaster. Hence the title.
That said, this is not a particularly useful or well-written book. The main problem is that the book has a lot more to do with Peter Schiff than his ideas ("I think this... I said that...) If the use of first-person narrative is not acceptable in 7th-grade English essays, it shouldn't be acceptable when making such broad assertions of this quasi-science of economics and public policy. Of course, this is not an academic text, but what the author doesn't seem to know or care about is that the standard for truth and persuasion is much higher in print than on the radio or when making a speach. The entire book seems like little more than a transcription of his various speaches or radio rants. Each chapter is composed of subtitles and about 300 words of text. Maybe it's too hard sustaining an argument any longer without numbers to back it up.
Interestingly, you will not find any mention of an editor on the cover, title page or anywhere else. The reason, most likely, is that an editor would have stopped the author and insisted he provide some evidence, some statistics, or 3rd-party research to validate his plethora of unsubstantiated assertions. In a 300 page book on economics, there is not one chart to be found.
The book is disappointing, but it's not trivial. Mr. Schiff is a wealthy and insightful investor who can be an effective speaker, but he's unlikely to persuade many in mainstream society until he becomes a more effective writer.
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3.0 out of 5 stars Good book, but readers should take some distance June 14 2014
Format:Hardcover|Verified Purchase
Read the full review on my blog: http://bobbyfinance.com

In the process of criticizing the American economic system, Peter Schiff brings his readers into the fascinating world of macroeconomics, policymaking, the history of money and the rise and upcoming fall of what used to be the richest country in the world. I personally learned a lot and I took a real pleasure in reading this book. Plus, Peter Shiff writes in simple terms, which makes the book accessible to most people.

However, Peter Schiff has his own ideas about how to fix the economy. He his extremely libertarian and anti-keynesian. He refutes any involvement from Government in citizens’ lives and firmly believes in the privatization of every sector of the economy, including social security, retirement, health care and education (traditionally run and funded by the public sector in order to ensure a fair redistribution of wealth and opportunities).

Consequently, the book is filled with very right-winged reform proposals, like the abolition of the income tax and the welfare state, the legalization of drugs and prostitution, and the annulment of public education, public pension plans, medicare and government subsidies.

The author is a complete free-market utopian, so some readers may be shocked by several of his arguments. However he’s also right about a lot of things (America going bankrupt, government intrusion into a market compromising the laws of supply and demand, the upcoming government bubble, the negative impact of inflationist monetary policies, the explosion of U.S. national debt, etc).

Finally, the author also gives some investment advice, in order to help the readers protect their wealth under the current financial and economic uncertainty.

Overall, good book, but when you’re done, take some distance and use the knowledge provided to construct your own opinions.
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Most recent customer reviews
3.0 out of 5 stars Still working on it
So far so good, still working on the book so I cant give a full review as of yet. But from what I have read thus far it looks pretty good.

L.
Published 1 month ago by Lee Hutchinson
4.0 out of 5 stars A country in decline
Great ideas ,some not possible to implement . I think he is spot on with the debt issues and the USA is in deep trouble when the printing(currency) bubble does burst.
Published 1 month ago by Northern Man
4.0 out of 5 stars It Should be a must read for Politicians
Politicians, the ones who should know this stuff, should be made to study this story as it outlines how the USA & the world got so financially screwed up! Read more
Published 1 month ago by Rainey Webb
2.0 out of 5 stars Essentialy an Update of his prior book
Information is helpful to those who are not paying attention to the current and situation. Anyoone who is keeping informed will not find this book useful
Published 2 months ago by George Neely
4.0 out of 5 stars Very interesting and thought provoking.
This is one of those books that you may have to read twice. Schiff walks you through his logic / analysis leaving it up to you to accept or reject his conclusions. Read more
Published 7 months ago by Jim Setla
5.0 out of 5 stars Peter Schiff knows what he's talking about
This guy gives a no bull account of what is really going on in the economy and how to survive the coming crash. Read more
Published 8 months ago by chris
5.0 out of 5 stars The Real Crash
Everyone should read this book. This is exactly where the U.S. is headed. It will happen just as he predicts.
Published 8 months ago by Thomas Zukow
5.0 out of 5 stars A must-read for anyone wanting to avoid financial disaster caused by...
The disturbing facts detailed in this excellent book are self-evident to anyone with a brain and an internet connection. Read more
Published 10 months ago by John R Francis
3.0 out of 5 stars super capitalism ?
Peters solution to the economic problem is less government ,much less government and privatize just about everything and let the fittest survive . Read more
Published 11 months ago by Werner G. Matzeit
5.0 out of 5 stars Peter Schiff Changed my life!!!!!! :)
Even though I was studying Finance, I had no idea how markets or the economy worked. Mr. Schiff changed all that, he changed my Life. Read more
Published 14 months ago by P. Popela
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